Goldman Sachs Group Inc. is embarking on its biggest round of jobs cuts since the start of the pandemic.
The Wall Street titan plans to eliminate several hundred roles starting this month, according to people with knowledge of the matter. While the total number is less than some previous rounds, the reductions are a resumption of Goldman’s annual culling cycle that it had largely paused during the pandemic.
The reviews are typically used to weed out the worst-performing staff. Goldman could also reduce the pace of replacing staff it loses because of attrition, Chief Financial Officer Denis Coleman said at the time. Goldman had 47,000 employees at the end of the second quarter. Like its Wall Street competitors, Goldman has been hurt by the dramatic slowdown in investment banking as the volatility that’s spurred gains for trading also weighed on capital markets and asset management. While the firm’s trading operation posted a 32 per cent surge in revenue in the second quarter, investment-banking revenue fell 41 per cent, reflecting a sharp drop in underwriting.
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